The eddy-current effects in windings, i.e., skin and proximity effects, can be macroscopically modeled via a complex frequency-dependent impedance and reluctivity. In this paper, these two complex quantities are further embedded in a harmonic-balance finite-element model for arriving at the steady-state solution. The proposed approach is validated through a 2-D model of an inductor with pulsewidth modulated voltage supply. Both local and global quantities are shown to agree well with brute-force simulation results. The computational cost of both approaches is compared.